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Wall Street Set To Open On Positive Note

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Strong index futures and positive European stocks point to a bright start for U.S. stocks Tuesday morning.

The Dow and S&P futures are gaining 0.94 percent and 1 percent, respectively. The Nasdaq futures are up 1.16 percent.

After the sell-off seen on Monday, the mood in global markets turned positive today thanks to some upbeat earnings updates and a report from Moderna Inc. saying a third dose of its Covid-19 vaccine increased antibody levels against the Omicron variant.

Micron Technology (MU) said its bottom line totaled $2.31 billion, or $2.04 per share in the first quarter, compared with $0.80 billion, or $0.71 per share in the year-ago quarter.

Nike Inc (NKE) reported second-quarter earnings of $1.34 billion, or $0.83 per share, compared with $1.25 billion, or $0.78 per share in the corresponding quarter of the previous year.

On Wall Street, the major averages all ended notably lower on Monday. The Dow, which plunged more than 700 points to 34,665.50, ended the day with a loss of 433.28 points or 1.23 percent at 34,932.16. The Nasdaq closed lower by 188.74 points or 1.24 percent at 14,980.94, recovering from the day's low of 14,860.04, while the S&P 500 settled at 4,568.02, recording a loss of 52.62 points or 1.14 percent.

Asian stocks rebounded on Tuesday after falling heavily in the previous session on concerns about the spread of the Omicron variant around the world and its impact on the global economic recovery.

European stocks rebounded on Tuesday, with higher commodity prices and stronger-than-expected quarterly results from U.S. memory chip company Micron Technology helping underpin investor sentiment.

In commodities trading, West Texas Intermediate Crude oil futures are gaining $1.10 or 1.6 percent at $69.71 a barrel. Gold futures are up $3.30 or 0.18 percent at $1,797.90 an ounce.

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